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PM Modi chairs High Level Meeting over Crypto Currencies
Crypto currency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Many crypto currencies are decentralised network based on block chain technology - a distributed ledger enforced by a disparate network of computers.
A defining feature of crypto currency is that they are generally not issued by any central authority rendering them theoretically immune to government interference or manipulation.
PM Modi on 13th November 2021 chaired a high level meeting on crypto currencies and other related issues. Many other higher officials from the Reserve Bank of India, Finance Ministry, The Securities and exchange Board of India were present as a part of the meeting.
In the past one decade or so, private digital currencies/ virtual currencies/ crypto currencies have gained popularity. Here, regulators and government have been sceptical about these currencies and are apprehensive about the associated risk..
The meeting was an outcome of a consultative process as RBI, Finance Ministry and Home Ministry have already done an elaborate exercise on it as well as consulted experts from across the country and the world. Many sources said Global examples and best practices were also looked at.
Outcome of the meeting:
It was strongly felt that attempts to mislead the youth through over promising and non transparent advertisement should be stopped. Hence, it is signalling of strong regulatory steps are in process.
It was discussed that unregulated crypto markets cannot be allowed to become Avenues for money laundering and terror financing.
The government is cognizant of the fact that this is an evolving technology, it will keep close watch and take proactive steps and engage with experts and other stakeholders. Since the issue cuts across geographic boarders, it was felt that it will also require global partnership and collective strategies.
Reserve Bank of India has repeatedly reiterated its strong views against crypto currencies saying they pose serious threats to the macro economics and financial stability of country. Since they are unregulated by central bank.
RBI has announced its intent to come out with an official digital currency, in the face of proliferation of crypto currency like Bitcoins and others about which the central bank has many concerns.
PM Modi views on crypto currencies at Sydney dialogue on 18th November 2021, PM asked the world to work together and ensure that the crypto currencies doesn't ends up in wrong hands which can spoil our youths.
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